VIEWS: 6 PAGES: 4 CATEGORY: Business & Economics POSTED ON: 5/27/2010
As president of the oldest and likely the largest national credit union mortgage group, Bob Dorsa is looking past the current subprime mortgage turmoil to wider challenges facing credit union mortgage lenders. Another challenge facing credit unions is a shortage of younger borrowers -- while the exact number is indeterminable, it's in the range of several million. Credit unions have built themselves on a foundation of being the consumer's lender of choice -- it's the engine that drives their activity and growth. While baby boomers and older Americans have provided credit unions with solid loan growth in the past, their need for consumer loans is declining as they enter their retirement years. When it comes to getting their first mortgage, young borrowers can use some hand-holding, says Cindy Morgan, marketing manager at New England Federal Credit Union, Williston, VT. The credit union runs a successful first-time mortgage program for younger members.
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